The importance of private sector investment and the transparency of the supply chains, which I will come to, are key to unlocking those trillions in investment that will come through the supply chain and investment. That $8.7 trillion announced at COP was deeply impressive, but others should step up to the mark, because their own customers will expect them to do so.
My right hon. Friend the Member for Epsom and Ewell also mentioned the importance of trade. I reassure him that any future bilateral trade agreements with Mercosur member countries, including Brazil, will be in line with international obligations, including our commitment to a high level of protection for the environment.
At COP26, 12 of the world’s largest companies, which manage half of all global trade in commodities linked to deforestation, announced that they would lay out a road map for action by COP27, which is due to take place in Egypt. Eight financial institutions and agribusiness companies also announced commitments worth $3 billion to support soy and cattle production in the Amazon without the need for deforestation or land conversion.
The UK is also working on other projects with global partners to help protect the Amazon. Last February, for example, together with Indonesia, we established the forest, agriculture and commodity trade dialogue, known as FACT, which brings together countries that are major producers and consumers of agricultural commodities, including in the Amazon region, to protect forests while promoting sustainable development and trade. At COP26, 28 participants, including us, Brazil, Peru and Colombia, launched the FACT road map.
My hon. Friend the Member for Tiverton and Honiton and the hon. Member for Bristol East also mentioned the importance of sustainable agriculture. Since 2012, the UK has invested more than £60 million to promote sustainable agriculture in Brazil through the low-carbon agriculture programme known as Rural Sustentável, which promotes agricultural technologies such as integrated crop-livestock-forestry systems. Phase 1, which ended in 2019, reached more than 18,500 beneficiaries in the
Amazon and Atlantic forest biomes, and delivered a sevenfold increase in livestock productivity, bringing more than 46,000 hectares of land under sustainable management and reducing carbon emissions by 52% compared with the baseline scenario. By the end of phase 2 in 2024, we expect to have prevented another 132,000 hectares of deforestation across the Cerrado, Caatinga and Amazon biomes.